Tesla, Coinbase lead drop in crypto-related stocks as bitcoin plunges


SpaceX founder and Tesla CEO Elon Musk looks on as he visits the construction site of Tesla’s gigafactory in Gruenheide, near Berlin, Germany, May 17, 2021.

Michele Tantussi | Reuters

Cryptocurrency related stocks led by Tesla and Coinbase dropped on Wednesday as bitcoin plunged the equivalent of a bear market in just a single day.

Bitcoin at its low point of the day was down more than 30% on the session to $30,001.51, its lowest since late January, according to Coin Metrics. The cryptocurrency, and the related stocks, recovered some losses later Wednesday, with bitcoin climbing back to $39,774 at 4:01 p.m. ET.

“You had a confluence of events…where you started breaking down the positivity…


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